If someone working in the financial industry obtain information not open to the general public and uses that information to trade stocks that is insider trading. Even a celebrity such as Martha Stewart can atest to this.
Sixty Minutes did a segment on this. Congressmen are exempt from insider trading laws. Of course congressmen are privy to information which could be advantageous. I guess this is just a job perk.
Speaker of the House John Boehner was asked about a trade he made after a commitee meeting. His memory was quite hazy. Lest this be considered partisan, former speaker Nancy Pelosi's memory was even poorer regarding a special IP stock offering given to her.
One congressman has sponsered legislation to stop insider trading by congress, but there are few takers. Like free stamps and a great pension, trading on information made available as a result of the special position their jobs affords is just another perk.
Truly disgusting.
Sixty Minutes did a segment on this. Congressmen are exempt from insider trading laws. Of course congressmen are privy to information which could be advantageous. I guess this is just a job perk.
Speaker of the House John Boehner was asked about a trade he made after a commitee meeting. His memory was quite hazy. Lest this be considered partisan, former speaker Nancy Pelosi's memory was even poorer regarding a special IP stock offering given to her.
One congressman has sponsered legislation to stop insider trading by congress, but there are few takers. Like free stamps and a great pension, trading on information made available as a result of the special position their jobs affords is just another perk.
Truly disgusting.
